How long does Sunoco have to accept an Aplus franchisee's written offer to transfer the rights in the premises?
Aplus Franchise · 2024 FDDAnswer from 2024 FDD Document
- (D) Sunoco may accept in writing at any time within sixty (60) days (excluding federal and state holidays) from receipt of the written offer by agreeing to purchase one hundred percent (100%) of the rights in the Premises and to pay the stated price on the stated terms, less the amount of the transfer fee that is payable to Sunoco in the event of an assignment.
The offer must be received in the appropriate Division Office.
(E) If Sunoco declines or does not accept the written offer within sixty (60) days, you may thereafter transfer or assign this Lease to a third party if Sunoco gives its prior written consent, but not at a lower price or on more favorable terms than had been stated and offered to Sunoco in writing.
(F) If the Lease is not transferred or assigned within three (3) months from the date it was offered to Sunoco, then you must re-offer to transfer or assign it to Sunoco before transfer or assignment to a third party.
Source: Item 23 — RECEIPT (FDD pages 68–302)
What This Means (2024 FDD)
According to Aplus's 2024 Franchise Disclosure Document, Sunoco has 60 days (excluding federal and state holidays) to accept a franchisee's written offer to transfer the rights in the premises. To initiate this process, the Aplus franchisee must send a written offer to Sunoco, outlining the price and terms for transferring 100% of the rights in the premises. This offer must be received by Sunoco's appropriate Division Office.
Sunoco can accept the offer by agreeing in writing to purchase all rights in the premises at the stated price and terms, less any transfer fees payable to Sunoco. This acceptance must occur within the 60-day timeframe starting from when Sunoco receives the offer.
If Sunoco declines the offer or fails to respond within the 60-day period, the Aplus franchisee can then transfer or assign the lease to a third party, provided Sunoco gives prior written consent. However, the terms of the transfer to the third party cannot be more favorable than those initially offered to Sunoco. If the lease is not transferred within three months of being offered to Sunoco, the franchisee must re-offer it to Sunoco before assigning it to a third party.